US stocks saw choppy trading action on Tuesday but the Dow was able to eke out another record close as investors tread carefully on the eve of Nvidia's potentially market-moving earnings report. The Dow Jones Industrial Average finished the day just above the flatline to claim another back-to-back record high. The benchmark S&P 500 and tech-heavy Nasdaq Composite each closed up around 0.2%.
Semiconductor stocks lost ground on Tuesday alongside a 1% drop for the AI darling, a sign of how Nvidia's report could ripple through techs as it tests the AI trade that has driven gains. At the same time, investors are counting down to a crucial update to the inflation gauge favored by the Federal Reserve. Chair Jerome Powell's clear message that an interest rate cut is imminent confirmed widespread confidence in a policy pivot in September.
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